The acquisition continues Pepper’s expansion into Europe and NAI Hellas/AVENT S.A will be rebranded to Pepper Hellas, joining existing servicing operations in the United Kingdom, Ireland, Spain, Italy and Cyprus.

Richard Klemmer, chief executive of Pepper European Servicing with overall responsibility for Pepper’s servicing activities in Europe, said: “The purchase of NAI Hellas continues the exciting expansion of Pepper’s capability to provide a full range of asset management services to clients with loan portfolios across the UK and Europe.

“This acquisition will mean that Pepper has the only vertically integrated servicing solution, with exceptional real estate capabilities, in the Greek market.”

Fraser Gemmell, President of Pepper’s European Servicing business, added: “This is an important and highly strategic transaction for Pepper. NAI Hellas is a multi-award winning business with an exceptional reputation.

“Thomas Ziogas and his team are incredibly well respected and well connected in the Greek property market and we are fully committed to working together with them to take the business forward.”

Ziogas, Pepper Hellas, chief executive said: “We are proud to join the Pepper family and are looking forward to working with them in addressing the wider challenges present in the Greek economy.

“With their significant experience and expertise we believe that this transaction will deliver a significant player in helping to resolve the major NPL issues present within the Greek system.”